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The respective properties were acquired through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. The properties will be leased back to the seller on a triple-net basis.
Located adjacent to the University of Texas campus in the center of the West Campus, the 18-story 674 bed class-A building was sold to Nelson Partners Student Housing at an undisclosed acquisition price.
Princeton Crossroads is the city's first mixed-use development, featuring future retail and restaurant locations, multifamily communities, offices and a city park, all promoting rare walkability in the area.
Fosun Hive Holdings completed its renovations of a 200,000-square-foot retail destination, where a new cinema and another fine dining venue are coming to the Financial District.
The two companies reported this morning the transaction has been unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets,
The deal was reported by Bethesda, MD-based commercial real estate finance firm Walker & Dunlop, which represented California-based Praelium Commercial Real Estate and South Street Partners of Charlotte, NC, in refinancing the property as part of a restructuring and recapitalization of the ownership entity.
It seems only fitting that as one of the last cranes standing in Brickell comes down, the topping off of Brickell Flatiron has signaled the near completion of the 736-foot-high tower that will stand as the tallest condominium south of New York City.